By Stefan Coerts

The financial expert believes the Primera Division's progress has stagnated, along with the Premier League and added that France and Germany are the models of frugality

Renowned economist Jose Maria Gay has expressed his concerns with the state of Spanish football, in his annual report on the financial developments in Europe's top five leagues.

Gay feels that Barcelona and Real Madrid are the only two Liga teams that are making steps forward, while adding that the remaining teams have made no progress whatsoever in the past five years.

"The Primera Division is not moving forward. Barcelona and Real Madrid are the only two clubs that are growing. All the other teams are still in the same situation as five years ago," Gay told reporters.

"Spanish football is dying if you ask me. They are five years behind the other big leagues. The poor state of the stadiums is the main reason."

Gay then went on to voice his opinion that the Premier League's financial model doesn't have a future either, whereas Germany and France are the example to follow.

"The model of the Premier League is bankrupt from a financial point of view. It is based on club ownership, and losses are financed through holding companies.

"Football is a true reflection of a country's economy, and France and Germany are leading the way at the moment," he stated.